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- i. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth d) a firm's decision about how many workers to hire ii. Classify each of the following statements as positive or normative. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Society ought to require welfare recipients to look for jobs. d) Lower tax ates encourage more work and more saving. Page 1 of 3 Suppose that at the beginning of the year the Accountant of the School of Business defines and outlines what he considers to be his priority expenditure ii. areas as follows. item Cost(Ghs) Reference Textbooks 100,000 Office Spaces for lecturers 50,000 Refurbishment of School Auditorium 50,000 Projectors for Lecture Halls 40,000…1)What is the methodology of microeconomic analysis? AND 2) How is this methodology applied to economic policy analysis?"The President's wife should not run as a candidate to succeed her husband." This is an example of:Response option group a) Normative statement. b) Economic fact. c) Economic principle. d) Positive statement.
- What were Thaler's three criticisms about the "Econ" model of behavior?Which of the following is not correct about most economic models? A) They are composed of equations and diagrams. B) They contribute very little to economist's understanding. C) They omit many features of the real world economy. D) In constructing models, economists make assumptions.What is the difference between an economu based on individualism and an economy based on collectivism?
- Discuss the major tenets of neoclassical school by Alfred Marshall, JOHN GUSTAV KNUT WICKSELL, IRVING FISHER, RALPH GEORGE HAWTREY, PIERO SRAFFA, EDWARD HASTINGS CHAMBERLIN, and JOAN ROBINSONTwo simplifying assumptions are used extensively in economics. What are they?Can you help me with this one please. Thank you In a most recent newspaper, identify three (3) economic issues and classify them as relating to Microeconomics or Macroeconomics.
- Question 15: The distinction between microeconomics and macroeconomics involves whether the focus of study involves small, well-defined groups and individual consumer, firms and sectors or large groups and broad economic aggregates. A True B False36. Which of the following statements is FALSE? a) positive economics focuses on the way the economy actually works. b) normative economics involves value judgments. c) normative economics statements cannot be verified empirically (by observations) d) all of the above e) none of the aboveNormative statements are... A) Prescriptive, whereas positive statements are descriptive. B) Descriptive, whereas positive statements are prescriptive. C) Backward-looking, whereas positive statements are forward-looking. D) Forward-looking, whereas positive statements are backward-looking.
